African Sun Advances Restructuring With Hotel Sales Amid Positive Financial Performance In 2024

African Sun has placed the Monomotapa Hotel in Harare and Caribbea Bay Resort in Kariba on the market for sale.

The company announced that negotiations were still under way, with the transaction for Monomotapa Hotel expected to be completed before June 30.

The group also released its financial results for 2024, reporting an increase compared with the previous year. Revenue was US$53,98 million (R967,7 million) compared with the $46,98 million (R842 million) in 2023, while EBITDA (earnings before interest, taxes, depreciation, and amortisation) was $9,88 million (R177 million) compared with $8,2 million (R146,9 million) in 2023. Occupancy reached 59%, up 4% from 2023.

Portfolio transformations in 2024 included the completion of public area renovations at Hwange Safari Lodge. In 2025, refurbishments will begin at Holiday Inn Harare, Elephant Hills Resort in Victoria Falls, Troutbeck Timeshare Lodges in Nyanga, with the second phase of renovations at The Victoria Falls Hotel.

These refurbishments will result in a reduction of rooms and will affect the 2025 financial year results.

African Sun also announced several discontinued operations. The Great Zimbabwe Hotel in Masvingo was sold in December 2024, and ownership was transferred in April 2025. Sun Leisure Tours, the travel, transfers and tours division, was discontinued on March 31, 2024.